Ethereum (ETH) has moved higher by over 7% in the last 24 hours as a large number of users is withdrawing ETH from exchanges. This is pushing Ethereum price higher. In the near future, many analysts consider ETH could hit new all-time highs and continue moving higher.
Ethereum Grows as Exchanges’ ETH Reserves Plunge
ETH continues moving higher as investors believe it could hit new all-time highs in the near future. This can be seen in the amount of ETH coins that have been withdrawn from exchanges in recent days.
According to Alex Saunders, the CEO and Founder of NuggestsNewsAU, exchanges could be out of ETH in the next 48 hours. Demand for ETH has skyrocketed in recent hours and the target for Ethereum price is currently between $5k to $20k in the long term.
As Mr. Saunders shows, exchange reserves of ETH have fallen 20% from 10 million ETH to 8 million ETH in just hours. This could be the beginning of a new bull run for Ethereum that could continue moving higher in the near future. He gathered this data from CryptoQuant an on-chain crypto analysis company that releases information about crypto networks.
About it, Saunders wrote:
“Exchanges could be out of $ETH within 48 hours. Demand has sky rocketed. Exchange reserves fell 20% from 10M to 8M in the last few hours. With targets of $5k, $10k & $20k long term, I doubt many HODLers will sell their ETH in the $1-2k range.”
CoinMarketCap shows that Ethereum has been growing in recent hours. The price of the virtual currency surpassed $1,210 and it could continue growing in the near future. It is worth taking into consideration that there are other fundamentals that could push ETH’s price higher.
Some of these fundamentals include the release of ETH 2.0, the expansion of the decentralized finance (DeFi) market, non-fungible tokens, gaming decentralized applications (dApps) and many other things.
Meanwhile, Bitcoin continues to be traded at around $38,300 and could eventually surpass its recent all-time high of $41,000. Other altcoins are also expanding. For example, Polkadot (DOT) has registered a price increase of over 53% in the last 7 days. In just 24 hours, DOT grew by 25%.